One indeed doesn’t need a nonprofit organization to stare at spreadsheets and Google things like “how to record an in-kind donation, but proper accounting plays a crucial role for one’s non -profit organization. What is nonprofit accounting? As per Accounting Outsourcing Firms, all organizations are different, and one needs to find a nonprofit-friendly bookkeeping solution […]
The act of tracking, documenting, reporting, and evaluating all expenses connected with creating a product or providing a service is known as cost accounting. Cost accounting considers direct, indirect, constant, and variable expenses, as well as the costs involved with each phase of your company’s operations. Cost accounting tries to analyze, control, and minimize expenses […]
A document that mainly compares the cash balance on one’s balance sheet to a similar amount on its bank statement is termed a bank reconciliation statement. The reconciliation of two accounts mainly helps in identifying if there are any accounting changes are needed. On the flip side, you need to know that bank reconciliations happen […]
This year, Mindspace Outsourcing Services celebrates our 14th year in the accounting and financial services industry! Since 2007, we have been the leading provider of outsourced bookkeeping services to growing and changing businesses all over the world! The Manifest recognized our efforts and included us on their list of Most Reviewed Accounting Companies […]
Ideally, bookkeeping and accounting are accessible for small to mid-sized businesses thanks to the technology and accounting software, but it hasn’t eliminated costly accounting mistakes. Some of the common mistakes include: Entering incorrect data- companies need to maintain accurate and complete business transaction records while entering incorrect data creates an inaccurate status of one’s financial […]
The future is undoubtedly technological advancements, and the covid19 pandemic has also proven this point by accelerating technology adoption into industries globally. Additionally, the Real Estate sector has sped up during 2020, even though the COVID-19 pandemic seems to have set things back at first glance, and of course, all of us know that home […]
In today’s era, companies in most industries are vulnerable to various types of cyberattacks. According to the 2019 Symantec Internet Security Threat Report, approximately 4,800 websites are affected by cyber-attacks every month. Among all these businesses, accounting/bookkeeping is one of the businesses most vulnerable to security threats because customers deal with their valuable financial information […]
Ideally, Hyper automation claims to bring a plethora of things to the table along with perks that cannot be just applied to enterprise-level companies but also small and medium-level companies. However, to learn more about hyper-automation, you need to read ahead! Things to know about hyper-automation: Hyper Automation tends to take the trend of automating […]
Most of you must be wondering what’s RPA ? and the way it is going to help us in Banking and Finance. Robotic process automation (RPA) is a software technology that makes things easy for humans. It can manage human actions like interacting with digital systems and software. Banks & financial institutions today are under […]